This looks to me as if you do have the first Cheltenham Pedersen - but this needs to be explained in a bit more detail!

The earliest 'Cheltenham' frames were in fact imported from Jesper in Copenhagen and built-up and sold as Cheltenham Pedersens. Later, Chris Margenout's Individual Bicycles Company built their own frames from superior Reynolds 531 tubing and were marketed with the help of well designed glossy brochures.

After some early tests, the "First 50 bicycles were made on a production line basis - 22 October [1985]"(Info from a company record).The numbering of these first true Cheltenham Pedersens was new and, I believe, started with your number 011085 (frame 01, October, 1985). My own first (blue) frame is also from this period, number 251185, and was the Harrods display model!